Q | T. Rowe Price

Strategy

Manager's Outlook

We believe the portfolio is well positioned for 2020 and beyond, thanks to its emphasis on high-quality companies that have the potential to compound value for shareholders.

In our view, enterprise spending on cloud-based software should remain a priority in 2020, even in the event of a broader economic slowdown. The positions that we built in high-growth software companies should benefit from this secular trend. We believe their valuations appear favorable on a three-year horizon.

We recognize that the regulatory uncertainty surrounding the large U.S. internet companies could be a source of volatility and headline risk, but we are heartened that these challenges have not prompted these tech giants to slow their pace of innovation.

In semiconductors, we prefer companies with idiosyncratic growth stories while acknowledging that there could be a higher return hurdle for the more macroeconomic-sensitive names after the subsector's strong performance in 2019.

Looking ahead to 2020, we remain optimistic that long-term trends in areas such as e-commerce, cloud computing, big data, and AI should offer meaningful upside potential for tech stocks exposed to these drivers. We aim to remain opportunistic as we invest intelligently and tactically in the innovative companies that we believe are best-positioned to drive differentiated returns.

Investment Objective

To increase the value of its shares, over the long term, through growth in the value of its investments. The fund invests mainly in a diversified portfolio of stocks of technology development or utilization companies, with a focus on leading global technology companies. The companies may be anywhere in the world, including emerging markets.

Investment Approach

Seeks long-term growth by investing primarily in the common stocks of companies that generate the majority of revenues from the development, advancement, and use of technology.
Stock selection is driven by rigorous research and analysis of companies, sectors, and industry trends.
The portfolio invests primarily in the common stocks of technology companies or companies enabled by technology across the entire market capitalization spectrum. We seek companies which can successfully weather economic cycles and deliver sustainable growth through product development and innovation, at a reasonable valuation.
While our primary emphasis is on a company’s prospects for future growth, valuation can also be an important consideration, particularly when valuation reaches extreme levels.
The portfolio is less diversified than a non-focused fund and its substantial reward potential is coupled with significant risk. In addition, any foreign holdings could be affected by declining local currencies or adverse political or economic events.

Portfolio Construction

Typically 35-60 stock portfolio
Non-U.S. companies typically make up 25-45% of the portfolio
Portfolio consists of highest conviction ideas from a global perspective
Diversification across sectors, countries/currencies, and end markets is a risk management tool
Bottom-up stock picking is used to capitalize on rapid and extreme changes in technology trends

Performance (Class Q)

Annualised Performance

Calculated:

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised	Since Manager Inception Annualised
Fund %	9.22%	14.93%	N/A	16.17%	9.22%
Indicative Benchmark %	22.80%	19.51%	N/A	16.99%	22.80%
Excess Return %	-13.58%	-4.58%	N/A	-0.82%	-13.58%

	1 YR	3 YR Annualised	5 YR Annualised	Since Inception Annualised
Fund %	33.05%	20.77%	N/A	17.24%
Indicative Benchmark %	46.89%	25.18%	N/A	18.82%
Excess Return %	-13.84%	-4.41%	N/A	-1.58%

Recent Performance

	Month to DateData as of 03-Apr-2020	Quarter to DateData as of 03-Apr-2020	Year to DateData as of 03-Apr-2020	1 MonthData as of 29-Feb-2020	3 MonthsData as of 29-Feb-2020
Fund %	-5.63%	-5.63%	-12.91%	-7.24%	0.65%
Indicative Benchmark %	-4.35%	-4.35%	-17.45%	-6.97%	0.21%
Excess Return %	-1.28%	-1.28%	4.54%	-0.27%	0.44%

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Effective 1 July 2018, the "net" version of the indicative benchmark replaced the "gross" version of the indicative benchmark. The "net" version of the indicative benchmark assumes the reinvestment of dividends after the deduction of withholding taxes applicable to the country where the dividend is paid; as such, the returns of the new benchmark are more representative of the returns experienced by investors in foreign issuers. Historical benchmark performance has been restated accordingly.

29-Feb-2020 - Alan Tu, Portfolio Manager ,

Global technology shares outperformed the MSCI All Country World Index in February. Within the portfolio, our underweight position in semiconductors had a modestly negative impact. Not owning Nvidia, a leading designer of graphics processing units, was a source of weakness. The stock jumped after the company reported strong quarterly results, headlined by surging data centre revenue amid strong demand related to conversational language understanding and other artificial intelligence-related workloads. Our above-benchmark allocation to the consumer/retail subsector marginally also held back its relative performance. Magazine Luiza's stock pulled back in sympathy with the broader Brazilian equity market, which came under pressure amid concerns about the coronavirus outbreak and its effects on demand for the commodities that the country produces. In our view, Magazine Luiza boasts one of the leading e-commerce platforms in Brazil and Latin America. Conversely, internet contributed the most to relative results, as the portfolio’s overweight position in this subsector more than offset the drag from stock selection. Shares of Tencent Holdings gained ground in a difficult market, lifted by expectations that the coronavirus outbreak in Hubei province and beyond could drive a spike in mobile gaming and consumption of online content as more people stay home.

Holdings

Total
Holdings

Largest Holding Alibaba Group Holding 9.86% Was (30-Sep-2019) 10.55%

Other View Full Holdings Quarterly data as of 31-Dec-2019

Top 10 Holdings 54.51% View Top 10 Holdings Monthly data as of 29-Feb-2020

Largest Top Contributor^

Alibaba Group Holding

By 1.56%

% of fund 9.79%

Largest Top Detractor^

Workday

By -0.40%

% of fund 4.52%

Top Purchase

ServiceNow

4.08%

Was (30-Sep-2019) 1.66%

Top Sale

Intuit

3.91%

Was (30-Sep-2019) 5.81%

31-Dec-2019 - Alan Tu, Portfolio Manager ,

We added opportunistically to the portfolio's positions in high-quality software names, taking advantage of company-specific weakness. We reduced the portfolio's allocation to internet, mostly trimming our large-cap holdings on strength to manage position size. In addition, we refined the portfolio's positioning in semiconductors, paring some holdings and establishing new positions in names that we believe offer favorable risk/reward profiles.

Software

We favor high-quality software-as-a-service companies that we believe stand to take share from legacy providers. We regard demand for cloud-based enterprise software as relatively resilient because these digital investments usually drive efficiency gains for customers and help them to maintain their competitive edge. Although enterprises have embraced the transition to the cloud, we believe this powerful secular trend has a long growth runway.

We aggressively added to the portfolio's position in ServiceNow, a software-as-a-service company that we believe should benefit from the growing importance of IT to workforce productivity within large enterprises. The stock sold off after the company announced a CEO transition. Although this departure could increase the risk of disruptions in the near term, we believe the new CEO should prove to be a good fit and remain confident in the company's long-term growth story. In our view, ServiceNow's highly scalable, customizable, and easy-to-use cloud-based ticketing platform for managing IT service requests and automating a wide range of workflow processes should continue to take market share. We also value ServiceNow's track record of moving into adjacent product categories and business functions, a strategy that expands its total addressable market and creates a significant opportunity for cross-selling.
We added to Zendesk on weakness. The company has emerged as a leading provider of cloud-based customer service and engagement platforms. This area has attracted a high level of investment, as business-to-consumer operations must hone their digital experiences to remain competitive. We believe Zendesk's positioning and commitment to innovation create a long runway for robust revenue growth
We added to Atlassian, a leading provider of on-premises and cloud-based workflow and collaboration software for enterprises that has built a strong foothold among application developers. We like the company's opportunity to grow OpsGenie's user base and improve monetization of Trello through the introduction of new features. We expect Atlassian to benefit as software and application developers become increasingly important at enterprises of all sizes and see the potential for its collaboration and project management tools to gain further traction outside the IT department. In addition to Atlassian's long growth runway, we value its sales efficiency.
We reduced New Relic, a software company that specializes in application-monitoring solutions designed to help developer and IT operations teams to identify and address performance issues in a timely manner.

Internet

We remain attuned to the likelihood of stepped-up regulation of Amazon.com, Facebook, and Alphabet, Google's parent company. However, we strive to take a balanced view and not lose sight of these companies' competitive advantages and long-term prospects. To varying degrees, we think strong balance sheets, internal talent, superior computing infrastructure, and valuable data position these companies to drive future innovation.

We trimmed Alibaba Group Holding, Alphabet, and Facebook on strength to manage position size.
We reduced the portfolio's position in Tencent Holdings, in part to reflect the sensitivity of its advertising business to the macroeconomic environment.
We believe Magazine Luiza boasts one of the leading e-commerce platforms in Brazil and Latin America, thanks to its digital prowess and the cost advantages and superior service that come from leveraging its existing store footprint. We like the company's leverage to the secular shift toward online retail and the potential to broaden its product selection, expand its user base, and increase transaction frequency by attracting brands and third-party sellers to its platform. Over time, we believe digital payments and financial services could emerge as additional growth drivers. We initiated a position in Magazine Luiza.

Semiconductors

The strong performance of semiconductor stocks this year has raised the bar of expectations for this cyclical subsector. We took advantage of this strength to trim some of our winners and rotate into names that we believe offer exposure to idiosyncratic growth stories.

ASML Holding specializes in lithography equipment that enables semiconductor manufacturers to improve memory and logic chip performance by including more transistors on a silicon wafer. We like ASML Holding's monopoly position in next-generation lithography equipment, tools that we believe will be essential to producing the leading-edge chips needed to power AI and other intensive processes. We pared ASML Holding on strength.
We trimmed Samsung Electronics on strength. We believe the leading producer of memory chips, smartphones, and consumer electronics stands to benefit from a tightening supply/demand balance in memory markets. Over the longer term, we expect the low-cost producer of memory chips to benefit from a consolidated industry and a favorable demand outlook.
We initiated a position in Advanced Micro Devices, the second-largest player in central (CPU) and graphics processing units (GPU). In our view, the market underestimates the company's earnings power and potential to take share as its advanced, 7-nanometer CPU enters the market well ahead of Intel's rival product. In addition to Advance Micro Devices' superior technology and head start in qualifying data center workloads, we appreciate the margin advantages associated with outsourcing fabrication and the pricing support that should come from the rising cost curve for advanced CPUs.

Media & Entertainment

We remain selective in media and entertainment and prefer innovative companies that can leverage their high-quality content and superior user experience to take share as consumers increasingly embrace streaming on-demand services.

Netflix's stock rallied on its strong slate of content launches for the fourth quarter and optimism that customer churn related to the launch of Walt Disney's streaming service would be limited. We appreciate Netflix's opportunity to grow its international subscriber base, its robust user data that inform internal content creation, and the potential for significant cash flow generation as the company builds scale and its capital expenditures moderate. We believe that the company's investments in marketing and original programming should further reinforce its position in consumers' entertainment diets and budgets. In our view, the market does not fully appreciate Netflix's scale advantage and its ability to leverage its content on a global basis.

Industry

Total
Industries

Largest Industry Internet Media/Advertising 20.75% Was (30-Jun-2019) 20.67%

Other View complete Industry Diversification

Largest Overweight

Internet Media/Advertising

By20.74%

Fund 20.75%

Indicative Benchmark 0.01%

Largest Underweight

IT Services

By-14.55%

Fund 1.38%

Indicative Benchmark 15.93%

29-Feb-2020 - Alan Tu, Portfolio Manager ,

We took advantage of the sharp pullback in global equity markets to start or add to positions in companies that stand to benefit from continued growth in e-commerce and online payments. These purchases increased our allocation to the financial services subsector, although the portfolio remained underweight relative to the benchmark. We were also active in the software subsector and reduced our position here by generally selling stocks that had run up in recent months.

Regions

Total
Regions

Largest Region North America 72.45% Was (31-Jan-2020) 73.75%

Other View complete Region Diversification

Largest Overweight

Pacific Ex Japan

By7.83%

Fund 19.04%

Indicative Benchmark 11.21%

Largest Underweight

North America

By-4.58%

Fund 72.45%

Indicative Benchmark 77.03%

Countries

Total
Countries

Largest Country United States 72.18% Was (31-Jan-2020) 73.46%

Other View complete Country Diversification

Largest Overweight

China

By13.29%

Fund 14.44%

Indicative Benchmark 1.15%

Largest Underweight

Taiwan

By-3.88%

Fund 1.29%

Indicative Benchmark 5.17%

Team (As of 31-Mar-2020)

Alan Tu
Portfolio Manager

Alan Tu is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is president of the Investment Advisory Committee of the Global Technology Equity Strategy. Previously, he was an investment analyst following software companies in the technology sector. Mr. Tu is a vice president and an Investment Advisory Committee member of the U.S. Small Cap Growth and Science & Technology Strategies. He is a vice president of T. Rowe Price Group, Inc.

Mr. Tu has seven years investment experience, five of which have been with T. Rowe Price. He joined the firm in 2014 after serving as a summer intern with T. Rowe Price in 2013, covering broadcast TV companies. Previously, Mr. Tu was an analyst at Ananda Capital Management, where he conducted analyses of small-cap Chinese and U.S. equities, and a valuation associate at Huron Consulting Group.

Mr. Tu earned a B.S., summa cum laude, in business administration from the University of California-Berkeley and an M.B.A., with honors, from the University of Chicago Booth School of Business. Mr. Tu also has earned the Chartered Financial Analyst designation.

Fund manager
since
2019
Years at
T. Rowe Price
5
Years investment
experience
6

Fee Schedule

Share Class	Minimum Initial Investment and Holding Amount (USD)	Minimum Subsequent Investment (USD)	Minimum Redemption Amount (USD)	Sales Charge (up to)	Investment Management Fee (up to)	Ongoing Charges	UK Tax Reporting Status
Class A	$15,000	$100	$100	5.00%	175 basis points	1.85%	Yes
Class I	$2,500,000	$100,000	$0	0.00%	85 basis points	0.91%	No
Class Q	$15,000	$100	$100	0.00%	85 basis points	0.95%	Yes
Class S	$10,000,000	$0	$0	0.00%	0 basis points	0.09%	No

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

T. Rowe Price Funds SICAV and its sub-funds are domiciled in Luxembourg and therefore considered offshore funds for UK tax purposes. Selected share classes of T. Rowe Price Funds SICAV have been designated “Reporting Funds” by HM Revenue & Customs (HMRC) under the guidelines of the UK Offshore Funds Regulation. These share classes report all relevant tax information to HMRC on an annual basis. Details on the information reported are outlined in the SICAV Shareholder Tax Reporting document that is available in the Fund Range Docs drop-down. Investors in “Reporting Fund” share classes who are considered United Kingdom residents for tax purposes will have any accrued gains treated as a capital gain rather than income upon sale or other disposal of their shares.

Portfolio Characteristics

as of 29-Feb-2020

Characteristic	Fund	Indicative Benchmark
Projected Earnings Growth Rate (IBES)	21.9%	12.1%
Price to Earnings (Current Fiscal Year)	35.1x	21.8x
Return on Equity (Current Fiscal Year)	14.2%	32.0%
Price to Book	8.2x	10.4x
Investment Weighted Median Market Cap (USD mm)	151,145	89,500
Investment Weighted Average Market Cap (USD mm)	272,897	118,836
Number of Holdings	44	305
Top 20 Holdings as % of Total	78.4%	64.6%
Portfolio Holdings Turnover (12 Months)	76.1%	N/A
Percent of Portfolio in Cash	0.4%	0.0%
Active Share Percentage	N/A	N/A

Statistics are Investment Weighted Median unless otherwise noted.

Risks

The following risks are materially relevant to the fund (refer to prospectus for further details):

Capital risk
Country risk (China)
Country risk (Russia and Ukraine)
Equity risk
Geographic concentration risk
Hedging risk
Investment fund risk
Issuer concentration risk
Management risk
Market risk
Operational risk
Sector concentration risk
Small and mid-cap risk
Style risk
Volatility risk

Risk/Return Characteristics

as of 29-Feb-2020

Risk/Return (3 Years)	Fund	Indicative Benchmark
Alpha	-4.43%	0.00%
Beta	1.06	1.00
R-Squared	0.79	1.00
Annualized Std. Deviation	18.80%	15.75%
Information Ratio	-0.52	0.00
Sharpe Ratio	0.69	1.11
Tracking Error	8.77%	0.00%

Past performance is not a reliable indicator of future performance.

Statistics based on monthly net returns of the Fund's Class I shares.

Unless otherwise noted, index returns are shown with gross dividends reinvested.

Calendar Year Performance (Class Q)

2015^	2016	2017	2018	2019
10.50%	5.88%	47.35%	-10.15%	33.05%	Fund
-0.47%	12.20%	41.77%	-5.81%	46.89%	Indicative Benchmark
10.97%	-6.32%	5.58%	-4.34%	-13.84%	Value added

Fund
Indicative Benchmark

Returns shown with reinvestment of dividends after the deduction of withholding taxes.

Purchases - 10 Largest (31-Dec-2019)

Quarterly as of:

Major Purchases	% of Fund	Previous Quarter Change	Industry	Country
ServiceNow	4.08%	2.42%	Collaboration and Productivity Software	United States
Advanced Micro Devices (N)	1.44%	1.44%	Processors	United States
Atlassian	1.79%	0.60%	Collaboration and Productivity Software	United States
Zendesk	2.43%	0.85%	Front-Office Applications Software	United States
Magazine Luiza (N)	0.77%	0.77%	Retail Stores	Brazil
Workday	4.29%	-0.06%	Back-Office Applications Software	United States
Texas Instruments (N)	0.66%	0.66%	Analog Semiconductors	United States
Twilio	1.70%	0.40%	Infrastructure and Developer Tool Software	United States
Pagerduty (N)	0.50%	0.50%	Infrastructure and Developer Tool Software	United States
CoStar Group (N)	0.43%	0.43%	Information Services	United States

(N) New Position.

31-Dec-2019 - Alan Tu, Portfolio Manager ,

We aggressively added to the portfolio's position in ServiceNow, a software-as-a-service company that we believe should benefit from the growing importance of IT to workforce productivity within large enterprises. The stock sold off after the company announced a CEO transition. Although this departure could increase the risk of disruptions in the near term, we believe the new CEO should prove to be a good fit and remain confident in the company's long-term growth story. In our view, ServiceNow's highly scalable, customizable, and easy-to-use cloud-based ticketing platform for managing IT service requests and automating a wide range of workflow processes should continue to take market share. We also value ServiceNow's track record of moving into adjacent product categories and business functions, a strategy that expands its total addressable market and creates a significant opportunity for cross-selling.
We added to Zendesk on weakness. The company has emerged as a leading provider of cloud-based customer service and engagement platforms. This area has attracted a high level of investment, as business-to-consumer operations must hone their digital experiences to remain competitive. We believe Zendesk's positioning and commitment to innovation create a long runway for robust revenue growth
We added to Atlassian, a leading provider of on-premises and cloud-based workflow and collaboration software for enterprises that has built a strong foothold among application developers. We like the company's opportunity to grow OpsGenie's user base and improve monetization of Trello through the introduction of new features. We expect Atlassian to benefit as software and application developers become increasingly important at enterprises of all sizes and see the potential for its collaboration and project management tools to gain further traction outside the IT department. In addition to Atlassian's long growth runway, we value its sales efficiency.
We reduced New Relic, a software company that specializes in application-monitoring solutions designed to help developer and IT operations teams to identify and address performance issues in a timely manner.
We trimmed Alibaba Group Holding, Alphabet, and Facebook on strength to manage position size.
We reduced the portfolio's position in Tencent Holdings, in part to reflect the sensitivity of its advertising business to the macroeconomic environment.
We believe Magazine Luiza boasts one of the leading e-commerce platforms in Brazil and Latin America, thanks to its digital prowess and the cost advantages and superior service that come from leveraging its existing store footprint. We like the company's leverage to the secular shift toward online retail and the potential to broaden its product selection, expand its user base, and increase transaction frequency by attracting brands and third-party sellers to its platform. Over time, we believe digital payments and financial services could emerge as additional growth drivers. We initiated a position in Magazine Luiza.
ASML Holding specializes in lithography equipment that enables semiconductor manufacturers to improve memory and logic chip performance by including more transistors on a silicon wafer. We like ASML Holding's monopoly position in next-generation lithography equipment, tools that we believe will be essential to producing the leading-edge chips needed to power AI and other intensive processes. We pared ASML Holding on strength.
We trimmed Samsung Electronics on strength. We believe the leading producer of memory chips, smartphones, and consumer electronics stands to benefit from a tightening supply/demand balance in memory markets. Over the longer term, we expect the low-cost producer of memory chips to benefit from a consolidated industry and a favorable demand outlook.
We initiated a position in Advanced Micro Devices, the second-largest player in central (CPU) and graphics processing units (GPU). In our view, the market underestimates the company's earnings power and potential to take share as its advanced, 7-nanometer CPU enters the market well ahead of Intel's rival product. In addition to Advance Micro Devices' superior technology and head start in qualifying data center workloads, we appreciate the margin advantages associated with outsourcing fabrication and the pricing support that should come from the rising cost curve for advanced CPUs.
Netflix's stock rallied on its strong slate of content launches for the fourth quarter and optimism that customer churn related to the launch of Walt Disney's streaming service would be limited. We appreciate Netflix's opportunity to grow its international subscriber base, its robust user data that inform internal content creation, and the potential for significant cash flow generation as the company builds scale and its capital expenditures moderate. We believe that the company's investments in marketing and original programming should further reinforce its position in consumers' entertainment diets and budgets. In our view, the market does not fully appreciate Netflix's scale advantage and its ability to leverage its content on a global basis.

Sales - 10 Largest (31-Dec-2019)

Major Sales	% of Fund	Previous Quarter Change	Industry	Country
Alibaba Group Holding	9.28%	-1.27%	China Internet Retail	China
ASML Holding	3.00%	-1.63%	Semiconductor Capital Equipment	Netherlands
Facebook	7.81%	-1.17%	U.S. Internet Media/Advertising	United States
Tencent Holdings	3.67%	-1.54%	China Internet Media/Advertising	China
Intuit	3.91%	-1.90%	Back-Office Applications Software	United States
Microchip Technology	1.83%	-1.10%	Microcontrollers	United States
New Relic	0.11%	-0.92%	Infrastructure and Developer Tool Software	United States
Amazon.com	3.94%	-0.80%	U.S. Internet Retail	United States
Alphabet Class C	3.08%	-0.90%	U.S. Internet Media/Advertising	United States
Samsung Electronics	3.47%	-0.36%	Memory	South Korea

(E) Eliminated.

Major Purchases/Sales represent the highest to lowest total cost (purchases) and proceeds (sales) for the time period indicated.

The information shown does not reflect any ETFs that may be held in the portfolio.

Contributors (31-Dec-2019)

Quarterly as of:

Contributors	% of Fund	Industry	Country
Alibaba Group Holding	9.79%	China Internet Retail	China
Facebook	8.24%	U.S. Internet Media/Advertising	United States
Netflix	4.82%	Direct-To-Consumer Subscription Services	United States
Salesforce.com	8.15%	Front-Office Applications Software	United States
ServiceNow	4.30%	Collaboration and Productivity Software	United States
ASML Holding	3.16%	Semiconductor Capital Equipment	Netherlands
Samsung Electronics	3.66%	Memory	South Korea
Splunk	2.52%	Infrastructure and Developer Tool Software	United States
Tencent Holdings	3.87%	China Internet Media/Advertising	China
Taiwan Semiconductor Manufacturing	1.52%	Foundry	Taiwan

31-Dec-2019 - Alan Tu, Portfolio Manager ,

Proofpoint's stock pulled back after the company maintained its full-year guidance and reported results that largely met the consensus estimate, disappointing those who had expected business momentum to yield another upside surprise. Management's conservative outlook for 2020 also weighed on investor sentiment. The security company's newer email security products and training solutions appear to be gaining traction and have diversified its revenue mix, which we believe bodes well for the durability of its future growth. In our view, Proofpoint's suite of leading email security solutions stand to benefit from strong demand growth as hackers increasingly target this vulnerability and enterprises shift their email to the cloud.
Workday specializes in cloud-based software solutions that help enterprises to manage human capital and develop financial plans in a dynamic environment. The company posted solid quarterly results, headlined by the financial segment's continued momentum and an uptick in overall operating margins. However, slightly disappointing revenue guidance for the next fiscal year fed market concerns that Workday could encounter some bumps as its primary growth driver shifts from human capital management to financial solutions. We believe our multiyear investment thesis remains intact. In our view, Workday is a durable software company that should have a long growth runway as it takes share from incumbents and expands its market opportunity.

Intuit is a leading provider of financial software for consumers, small to mid-size businesses, and professional accountants. The stock finished the quarter down slightly, in part reflecting concerns about the company's plan to step up its marketing spending earlier than usual for the upcoming tax season. Investigations into U.S. tax preparers' efforts to discourage consumers from using free-filing services may also have weighed on the shares. We believe the market underappreciates Intuit's dominant position, the durability of its business, and the company's opportunity to drive top-line growth as it transitions to a software-as-a-service model and new features gain traction among business customers. We trimmed Intuit.
Apple reported quarterly revenue that surprised to the upside and issued guidance for the next three-month reporting period that topped the consensus estimate. Management attributed some of the increased guidance to its expectations for an upswing in iPhone sales. We avoided Apple on valuation and potential challenges related to an elongating replacement cycle for premium smartphones.
Pure Storage's shares finished the period down slightly. The stock sold off after the company announced disappointing quarterly results, headlined by revenue that came in below previous guidance. Management attributed this shortfall to weaker-than-expected pricing for NAND flash memory, a headwind that offset solid sales volumes. We believe Pure Storage is well positioned to disrupt the enterprise storage market because of its superior technology and customer service. In our view, the market does not fully appreciate the company's growth prospects and the durability and margin uplift that eventually should come from its business model of providing hardware as a service.
The portfolio's stake in Microchip Technology gained ground but lagged the broader semiconductor subsector. The stock rallied after strong bookings in November prompted management to increase its revenue guidance for the quarter. We like the high-quality supplier of analog chips and microcontrollers' history of profitability across the cycle and maintain our view that, over the long haul, its exposure to favorable end markets and improving pricing dynamics can drive revenue growth.

An underweight in Taiwan Semiconductor Manufacturing, the world's largest chip foundry, was a source of weakness. The stock rallied on the improving outlook for orders related to 5G networking infrastructure and smartphones as well as growing optimism surrounding demand for its 7-nanometer technology, which has many high-performance computing applications.
Alibaba Group Holding's share price trended higher after the company reported solid quarterly results despite a challenging macroeconomic backdrop. The company's core e-commerce and cloud franchises remained strong, while offline retail also grew rapidly. Near-term challenges for the company include slowing economic growth in China and competition for customers in lower-tier cities, though neither of these headwinds erodes our confidence in the internet giant's long-term growth story. We expect Alibaba Group Holding's investments in its cloud business and offline retail to pay off over the long term by expanding the company's total addressable market. We believe the company's rich data on user behavior across its different but complementary services create ample opportunity for monetization, while its leadership in online retail and fintech offers exposure to rising household incomes in China and other emerging markets.
Facebook's stock gained ground, lifted in part by strong quarterly results. Highlights included strong user engagement metrics and solid growth in advertising revenue from its eponymous social network and Instagram. We continue to monitor regulatory developments and acknowledge that news on this front could increase volatility in Facebook's stock. However, we believe the company has multiple levers to pull to unlock value for shareholders. In our view, Facebook's share of consumer time spent on mobile devices, coupled with its ad monetization and targeting capabilities, should help it capture a sizable chunk of the secular growth in online advertising. We also like the company's opportunity to monetize Instagram via e-commerce and the privacy-focused WhatsApp messaging service's long-term potential.
Tencent Holdings' share price climbed with Chinese equities in December. The company posted solid quarterly results, highlighted by strength in social media advertising and top-line growth and margin expansion in fintech. We believe Tencent Holdings is one of the China's best-positioned mobile internet companies and that its popular social and gaming platforms have significant potential for further monetization. In the coming quarters, the company's mobile video game sales should receive a lift from recently approved and forthcoming titles. We also appreciate the optionality embedded in Tencent Holdings' ancillary business lines, including online payments, internet finance, and cloud services.

Detractors (31-Dec-2019)

Detractors	% of Fund	Industry	Country
Proofpoint	3.37%	Security Software	United States
Twilio	1.79%	Infrastructure and Developer Tool Software	United States
Workday	4.52%	Back-Office Applications Software	United States
Intuit	4.13%	Back-Office Applications Software	United States
Motorola Solutions	1.37%	Wireless Equipment	United States
Slack Technologies	1.31%	Collaboration and Productivity Software	United States
RealPage	0.00%	Industry-Specific Software	United States
Pagerduty	0.53%	Infrastructure and Developer Tool Software	United States
PayPal Holdings	0.00%	Payments	United States
Atlassian	1.88%	Collaboration and Productivity Software	United States

The information shown does not reflect any ETFs that may be held in the portfolio.

N/A indicates Not Available.

Holdings (31-Dec-2019)

Quarterly as of:

Company	% of Fund	Previous Qtr Change	Value (USD)	Shares	Sector	Industry	Country
Alibaba Group Holding	9.86%	-0.69	$85,400,257.41	400,959	Internet	China Internet Retail	China
Facebook	8.24%	-0.74	$71,350,242.72	348,526	Internet	U.S. Internet Media/Advertising	United States
Salesforce.com	8.18%	0.36	$70,793,861.30	435,119	Software	Front-Office Applications Software	United States
Netflix	4.82%	0.39	$41,725,434.87	129,297	Media & Entertainment	Direct-To-Consumer Subscription Services	United States
Workday	4.52%	0.17	$39,103,709.06	238,918	Software	Back-Office Applications Software	United States
ServiceNow	4.31%	2.65	$37,333,461.60	132,360	Software	Collaboration and Productivity Software	United States
Amazon.com	4.17%	-0.57	$36,103,574.00	19,526	Internet	U.S. Internet Retail	United States
Intuit	4.13%	-1.68	$35,782,692.44	136,852	Software	Back-Office Applications Software	United States
Tencent Holdings	3.90%	-1.31	$33,727,306.92	696,830	Internet	China Internet Media/Advertising	China
Samsung Electronics	3.66%	-0.17	$31,714,807.96	657,966	Semiconductors	Memory	South Korea
Proofpoint	3.40%	-0.54	$29,444,079.00	255,325	Software	Security Software	United States
Alphabet Class C	3.25%	-0.73	$28,151,075.20	21,080	Internet	U.S. Internet Media/Advertising	United States
ASML Holding	3.17%	-1.47	$27,437,132.24	92,730	Semiconductors	Semiconductor Capital Equipment	Netherlands
Zendesk	2.56%	0.98	$22,205,425.14	291,066	Software	Front-Office Applications Software	United States
Splunk	2.53%	0.20	$21,895,324.80	146,320	Software	Infrastructure and Developer Tool Software	United States
NXP Semiconductors	1.98%	-0.11	$17,126,858.45	134,381	Semiconductors	Microcontrollers	Netherlands
Microchip Technology	1.94%	-0.99	$16,758,044.96	159,844	Semiconductors	Microcontrollers	United States
Atlassian	1.87%	0.67	$16,151,454.00	135,955	Software	Collaboration and Productivity Software	United States
Twilio	1.79%	0.48	$15,457,078.56	158,242	Software	Infrastructure and Developer Tool Software	United States
Taiwan Semiconductor Manufacturing	1.53%	0.05	$13,215,395.63	1,196,000	Semiconductors	Foundry	Taiwan
Advanced Micro Devices	1.52%	N/A	$13,183,056.50	287,150	Semiconductors	Processors	United States
Synopsys	1.51%	-0.13	$13,059,138.24	93,577	Software	Design Software	United States
Visa	1.51%	0.20	$13,053,716.39	69,683	Financial Services	Payments	United States
Microsoft	1.45%	0.08	$12,522,446.50	79,634	Software	Infrastructure and Developer Tool Software	United States
Motorola Solutions	1.37%	-0.24	$11,855,603.76	73,619	Telecom Equipment	Wireless Equipment	United States
Slack Technologies	1.30%	0.04	$11,256,153.54	504,534	Software	Collaboration and Productivity Software	United States
DocuSign	1.24%	0.08	$10,761,369.91	145,601	Software	Front-Office Applications Software	United States
Micron Technology	1.20%	0.11	$10,420,737.36	194,127	Semiconductors	Memory	United States
Applied Materials	1.19%	0.55	$10,281,228.00	168,600	Semiconductors	Semiconductor Capital Equipment	United States
MercadoLibre	0.90%	-0.30	$7,809,334.96	13,544	Internet	Rest Of World Internet Retail	Argentina
MasterCard	0.89%	0.04	$7,696,544.88	25,869	Financial Services	Payments	United States
Pure Storage	0.84%	-0.03	$7,305,910.88	428,248	Hardware	Enterprise Hardware	United States
Marvell Technology Group	0.83%	0.03	$7,175,908.60	269,771	Semiconductors	Processors	United States
Magazine Luiza	0.82%	N/A	$7,067,493.70	593,288	Consumer/Retail	Retail Stores	Brazil
Texas Instruments	0.70%	N/A	$6,023,820.80	47,120	Semiconductors	Analog Semiconductors	United States
Pagerduty	0.53%	N/A	$4,611,134.57	195,139	Software	Infrastructure and Developer Tool Software	United States
CoStar Group	0.45%	N/A	$3,862,228.68	6,516	Business Services	Information Services	United States
Palo Alto Networks	0.41%	-0.09	$3,583,550.58	15,461	Software	Security Software	United States
Zoom Video Communications	0.39%	0.35	$3,388,720.40	50,129	Software	Collaboration and Productivity Software	United States
Shopify	0.25%	0.05	$2,170,190.00	5,450	Software	Industry-Specific Software	Canada
Datadog	0.20%	N/A	$1,702,158.17	45,671	Software	Infrastructure and Developer Tool Software	United States
New Relic	0.12%	-0.92	$999,576.70	15,205	Software	Infrastructure and Developer Tool Software	United States

N/A indicates Not Available.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Industry Diversification (31-Jul-2019)

Monthly as of:

Industry Diversification	% of Fund	% of Indicative Benchmark
Internet Media/Advertising	20.75%	0.01%
Internet Retail	16.42%	0.00%
Applications Software	15.54%	6.89%
Consumer Software	6.08%	0.96%
Media & Entertainment	4.53%	0.00%
Internet & Security Software	3.55%	0.18%
Enterprise Software	3.91%	0.77%
Semiconductor Capital Equip	4.44%	3.57%
Wireless Equipment	1.68%	1.28%
Technical Software	1.52%	1.24%
Systems Software	2.28%	2.00%
Miscellaneous	0.64%	0.39%
Energy Related	0.00%	0.03%
Miscellaneous Business Services	0.00%	0.04%
Semiconductor Equipment	0.00%	0.04%
Semiconductor Related Devices	0.00%	0.09%
Hardware/Peripherals/Distribution	0.00%	0.10%
Medical Devices	0.00%	0.12%
Internet Services	0.00%	0.17%
U.S. Other Telecom	0.00%	0.19%
Imaging	0.00%	0.53%
Software & Services	0.00%	0.56%
Analog Semiconductors	2.13%	3.19%
Supply Chain/Electronic Manufacturing	0.00%	1.51%
Digital Semiconductors	9.50%	13.80%
Enterprise Hardware	0.70%	5.34%
Processors	0.37%	6.00%
Consumer Electronics	3.44%	15.58%
Infrastructure Software	0.71%	15.09%
IT Services	1.38%	15.93%

A maximum of 30 largest industries are displayed.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

T. Rowe Price uses a custom structure for sector and industry reporting for this product. Source: T. Rowe Price.

Country Diversification (29-Feb-2020)

Monthly as of:

Country Diversification	% of Fund	% of Indicative Benchmark
China	14.44%	1.15%
Netherlands	4.57%	1.88%
Argentina	0.89%	0.05%
Brazil	0.74%	0.02%
Hong Kong	0.00%	0.04%
Australia	0.00%	0.07%
Singapore	0.00%	0.11%
Finland	0.00%	0.26%
United Kingdom	0.00%	0.31%
Israel	0.00%	0.32%
Spain	0.00%	0.36%
Switzerland	0.00%	0.45%
South Korea	3.30%	3.75%
Sweden	0.00%	0.46%
Canada	0.27%	1.18%
India	0.00%	0.91%
Germany	0.93%	1.93%
France	0.00%	1.13%
Japan	0.97%	4.60%
United States	72.18%	75.85%
Taiwan	1.29%	5.17%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Region Diversification (29-Feb-2020)

Monthly as of:

Region Diversification	% of Fund	% of Indicative Benchmark
Pacific Ex Japan	19.04%	11.21%
Latin America	1.63%	0.07%
Middle East & Africa	0.00%	0.32%
Europe	5.50%	6.77%
Japan	0.97%	4.60%
North America	72.45%	77.03%

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Please note that the Fund typically has a risk of high volatility.

Indicative Benchmark Data Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

Effective 31 March 2019, Alan Tu assumed portfolio management responsibility for the Global Technology Equity Fund.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Net Asset figure applies to all share classes.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

3YR Return Annualised (View Total Returns)

Total Assets (USD)

1YR Return (View Total Returns)

Manager Tenure

Information Ratio (3 Years)

Tracking Error (3 Years)

Other Literature

Strategy

Investment Objective

Investment Approach

Portfolio Construction

Performance (Class Q)

Annualised Performance

Recent Performance

Holdings

TotalHoldings

Largest Top Contributor^

Alibaba Group Holding

Largest Top Detractor^

Workday

Top Purchase

ServiceNow

Top Sale

Intuit

Software

Internet

Semiconductors

Media & Entertainment

Industry

TotalIndustries

Largest Overweight

Internet Media/Advertising

Largest Underweight

IT Services

Regions

TotalRegions

Largest Overweight

Pacific Ex Japan

Largest Underweight

North America

Countries

TotalCountries

Largest Overweight

China

Largest Underweight

Taiwan

Team (As of 31-Mar-2020)

Alan TuPortfolio Manager

Fee Schedule

Portfolio Characteristics

Risks

Risk/Return Characteristics

Calendar Year Performance (Class Q)

Monthly Performance (Class Q)

Purchases - 10 Largest (31-Dec-2019)

Sales - 10 Largest (31-Dec-2019)

Contributors (31-Dec-2019)

Detractors (31-Dec-2019)

Holdings (31-Dec-2019)

Industry Diversification (31-Jul-2019)

Country Diversification (29-Feb-2020)

Region Diversification (29-Feb-2020)

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3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

1YR Return
(View Total Returns)

Information Ratio
(3 Years)

Tracking Error
(3 Years)

Total
Holdings

Total
Industries

Total
Regions

Total
Countries

Alan Tu
Portfolio Manager

GIPS^® Information